Stocks Skid on Earnings

November 20,2024 12:43 pm EST

Previous Market Updates

Stocks fell Wednesday, with Nvidia shares sliding more than 1% ahead of its highly-anticipated earnings report. Investors also assessed disappointing results from Target

The Dow Jones Industrials lost 66.74 points to 43,202.20.

The S&P 500 stumbled 26.44 points to 5,890.54.

The tech-heavy NASDAQ dropped 112.81 points to 18,874.72.

All eyes are on AI darling Nvidia. The results could hold more significance than some key economic reports, given the chipmaker's $3.6-trillion market capitalization, and set the tone for the market for the rest of the week. Investors will search for details on demand for its Blackwell AI chips, which CEO Jensen Huang last month characterized as “insane.”

Costco and Walmart were down marginally, while discount retailers Dollar Tree, Dollar General and Five Below declined more than 3% each. Home Depot dipped 1%.

In other news, retailer Target slumped 20% after posting its biggest earnings miss in two years and cutting its full-year guidance due to softening discretionary demand and cost pressures.

Prices for the 10-year Treasury gained ground, raising yields back to Tuesday's 4.39%. Treasury prices and yields move in opposite directions.

Oil prices gained a penny to $69.40 U.S. a barrel.

Prices for gold took on $23.40 an ounce to $2,654.300 U.S.